The crypto market is in a state of panic with a market-wide crash that has shaken Bitcoin and altcoins. With the Bitcoin price continuing to fall from support after support, tens of thousands of traders have lost their positions, leading to hundreds of millions of dollars in losses in just the last day alone.
Crypto Market Liquidations Cross $290 Million
In the last 24 hours, the Bitcoin price has been crashing, eventually falling below $57,000 before recovering again. However, the damage has already been done, with long traders suffering the brunt of the losses over the last day.
According to data from Coinglass, there has been $292.8 million worth of crypto liquidations in the last day. In total, 105,458 traders have been liquidated, with 88.61% of them being long traders. The majority of these liquidations have happened in the last 12 hours after Bitcoin fell from $61,000 to $57,000 with $204.97 million in liquidations.
Bitcoin alone has seen $91.7 million in liquidations, with second-largest cryptocurrency, Ethereum, following being with $69.86 million worth of liquidations. The single largest liquidation event took place on the Huobi crypto exchange across the BTC-USD pair, where a single liquidation call saw $10.49 million lost.
Binance, the largest crypto exchange in the world, recorded $122.67 million in liquidations, OKX exchange saw $89.83 million in liquidations, and Huobi exchange saw $42.07 million in liquidations. Coming in fourth and fifth place is Bybit and CoinEx at $23.04 million and $9.42 million, respectively.
Bitcoin Recovery Could Change Trajectory Of Liquidations
As mentioned above, the crypto market liquidations have been mostly dominated by long trades given that the Bitcoin price has continued to crash. However, with the price showing a tendency to bounce back up, rising above $57,900 at the time of this writing, shorts are beginning to feel the heat.
Coinglass data shows that long liquidations have fallen from 88.61% in the last 24 hours to 56.48% in the last hour. If the price continues to rise, then short traders, spurred on by the bearish wave, could suffer more crashes from here.
Despite positive sentiment being eroded, the Bitcoin daily trading volume has seen a notable 50% jump, bringing it to $37.59 billion. So far, bulls seem to be developing support, which makes it the point to hold if the recovery is to continue from here.
Bitcoin is currently trading at $57,909, with a 3.87% decline in the last day. It’s down 5.23% on the weekly chart and 15.95% on the monthly chart.
Featured image created with Dall.E, chart from Tradingview.com
